OpenSea has become one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will help you get the leverage you require. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is an extensive read. If you’d rather watch videos instead, check out this channel’s review. They’ll guide you through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you prefer reading, we’ll go over the basics before we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Nft Art
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on the marketplace are held by users, not by the platform. Since they’re a decentralized marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is completed, your digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their browser to search for NFTs that you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s examine each.
Music could be among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards film props, or old technology.
In the case of NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be traded or acquired. The more rare they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT became a reality. In the present it is possible to do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even short video clips.
You can also collect digital trading cards such as those from Sorare as well as BCCG.
The digital objects associated with sports can also be collected for example, animated team logos.
VR space and other elements can be purchased. You can purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects or even virtual worlds. A well-known example could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list your products on the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time gas fee.
You can currently select from 5 selling options. These are:
The seller will be the one to charge the price that is the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller sets a price that will decrease over time. Sellers typically set up very expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller will put up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price decreases with time. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
If you’re looking to sell several NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies per platform, it’s usually an amount of the sales price paid by the buyer. This is similar to how traditional galleries earn money through a portion of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent fee competitive.
But, it is important to understand that some NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the standard 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be issued as a valid, non-fungible token after your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers are paid up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, and debit card to make payments or transfer funds. OpenSea Nft Art
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in coding or blockchain. OpenSea Nft Art
They also offer a range of digital asset, which makes their platform one of the most popular NFT marketplaces. The low platform costs are also a great way for you to make more money.
While it is open source and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ OpenSea Nft Art
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support team can be reached via their contact form. Go to their official website and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined in accordance with the current market conditions, so they change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser through your mobile phone, the browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team you can reach through its contact forms. Just go to the official site and search at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s easy and gas-free but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, which means they change from time to time.